Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.22.2.2
SECURITIES (Tables)
9 Months Ended
Sep. 30, 2022
SECURITIES [Abstract]  
Amortized Cost and Fair Value of Securities
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):

   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
September 30, 2022
                       
Available for Sale
                       
U.S. Treasury and federal agency securities
 
$
222,223
   
$
   
$
(16,960
)
 
$
205,263
 
U.S. Agency MBS and CMOs
   
109,385
     
     
(14,173
)
   
95,212
 
Tax-exempt state and municipal bonds
   
39,431
     
     
(1,226
)
   
38,205
 
Taxable state and municipal bonds
   
109,511
     
     
(8,576
)
   
100,935
 
Corporate bonds and other debt securities
   
14,639
     
     
(526
)
   
14,113
 
   
$
495,189
   
$
   
$
(41,461
)
 
$
453,728
 
                                 
Held to Maturity
                               
U.S. Treasury
  $ 251,329     $     $ (14,401 )   $ 236,928  
Tax-exempt state and municipal bonds
    98,152
      66
      (4,264 )     93,954
 

 
$
349,481
   
$
66
   
$
(18,665
)
 
$
330,882
 

   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
December 31, 2021
                       
Available for Sale
                       
U.S. Treasury and federal agency securities
 
$
208,153
   
$
215
   
$
(1,523
)
 
$
206,845
 
U.S. Agency MBS and CMOs
   
87,343
     
416
     
(962
)
   
86,797
 
Tax-exempt state and municipal bonds
   
36,298
     
1,258
     
     
37,556
 
Taxable state and municipal bonds
   
79,394
     
812
     
(645
)
   
79,561
 
Corporate bonds and other debt securities
   
5,251
     
63
     
(10
)
   
5,304
 
   
$
416,439
   
$
2,764
   
$
(3,140
)
 
$
416,063
 
Held to Maturity
                               
Tax-exempt state and municipal bonds
 
$
137,003
   
$
2,484
    $ (215 )  
$
139,272
 
Contractual Maturities of Debt Securities
Contractual maturities of debt securities at September 30, 2022 were as follows (dollars in thousands):

   
Held–to-Maturity Securities
   
Available-for-Sale Securities
 
   
Amortized
Cost
   
Fair
Value
   
Amortized
Cost
   
Fair
Value
 
Due in one year or less
 
$
32,069
   
$
31,534
   
$
13,800
   
$
13,729
 
Due from one to five years
   
295,170
     
278,658
     
312,058
     
293,127
 
Due from five to ten years
   
22,242
     
20,690
     
61,476
     
53,113
 
Due after ten years
   
     
     
107,855
     
93,759
 
   
$
349,481
   
$
330,882
   
$
495,189
   
$
453,728
 
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):

   
Less than 12 Months
   
12 Months or More
   
Total
 
September 30, 2022
 
Fair
Value
   
Unrealized
Loss
   
Fair
Value
   
Unrealized
Loss
   
Fair
Value
   
Unrealized
Loss
 
Available for Sale
                                   
U.S. Treasury and federal agency securities
 
$
156,862
   
$
(8,233
)
 
$
50,150
   
$
(8,754
)
 
$
207,012
   
$
(16,987
)
U.S. Agency MBS and CMOs
   
71,741
     
(8,464
)
   
23,472
     
(5,709
)
   
95,213
     
(14,173
)
Tax-exempt state and municipal bonds
   
37,576
     
(1,218
)
   
     
     
37,576
     
(1,218
)
Taxable state and municipal bonds
   
82,149
     
(5,335
)
   
19,025
     
(3,249
)
   
101,174
     
(8,584
)
Corporate bonds and other debt securities
   
12,363
     
(499
)
   
     
     
12,363
     
(499
)
Total
 
$
360,691
   
$
(23,749
)
 
$
92,647
   
$
(17,712
)
 
$
453,338
   
$
(41,461
)
                                                 
Held to Maturity
                                               
U.S. Treasury   $ 236,927     $ (14,401 )   $     $     $ 236,927     $ (14,401 )
Tax-exempt state and municipal bonds     84,863       (4,243 )     2,804       (21 )     87,667       (4,264 )
 
$
321,790
   
$
(18,644
)
 
$
2,804
   
$
(21
)
 
$
324,594
   
$
(18,665
)

   
Less than 12 Months
   
12 Months or More
   
Total
 
December 31, 2021
 
Fair
Value
   
Unrealized
Loss
   
Fair
Value
   
Unrealized
Loss
   
Fair
Value
   
Unrealized
Loss
 
Available for Sale
                                   
U.S. Treasury and federal agency securities
 
$
77,066
   
$
(955
)
 
$
18,432
   
$
(568
)
 
$
95,498
   
$
(1,523
)
U.S. Agency MBS and CMOs
   
52,254
     
(830
)
   
4,190
     
(132
)
   
56,444
     
(962
)
Tax-exempt state and municipal bonds
   
     
     
     
     
     
 
Taxable state and municipal bonds
   
37,648
     
(638
)
   
498
     
(7
)
   
38,146
     
(645
)
Corporate bonds and other debt securities
   
1,352
     
(10
)
   
     
     
1,352
     
(10
)
Total
 
$
168,320
   
$
(2,433
)
 
$
23,120
   
$
(707
)
 
$
191,440
   
$
(3,140
)
                                                 
Held to Maturity
                                               
Tax-exempt state and municipal bonds
 
$
61,166
   
$
(215
)
 
$
   
$
   
$
61,166
   
$
(215
)